Loan Against Property

Loan Against Property

In a Loan Against Property (LAP) or Mortgage Loan a borrower can use any self-owned immovable property – piece of land or a constructed residential, commercial and industrial property as collateral to borrow funds from a Bank / NBFC. Borrowers can use the credit amount to fund a child’s education, medical expenses, start a business, business expansion, investment in another property, and debt clearance.

The value of the property plays a crucial role in determining the loan amount eligibility. Most lenders extend up to 80% of the property’s market value as the maximum credit available to the applicant, at competitive interest rates. Borrowers are required to repay the loan in regular EMIs over an agreed-upon tenure, usually up to 30 years.

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